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New Business Numbers Show Big Increase

New Business Numbers Show Big Increase

August 17, 2022

New Business Numbers Show Big Increase

The state Department of Financial Institutions reports the number of new business formations in Wisconsin increased by 42% between 2019 and 2021, with the largest over the period of an increase of 24% between 2020 and 2021.

Missy Hughes, CEO of the Wisconsin Economic Development Corporation, says the dramatic increase reflects the state’s “entrepreneurial spirit.”

The Wisconsin Start-Up Coalition believes record levels of venture capital and private equity played a key role in the spike of new business formations, “This is exciting news for Wisconsin as start-up companies create new jobs in the economy,” according to a statement issued by the Coalition. “Policymakers should work to foster a new supportive environment for these new companies by investing in talent attraction, workforce development, and creating a more attractive tax and regulatory climate in the state.”

Meanwhile, a spokesman for the Wisconsin Economic Development Corporation said, “We’ve put close to probably about $600 million into assisting small businesses here in Wisconsin, and I think that’s one of the things that we’re starting to see it bearing fruit.”

Unfortunately, the recent good news being reported with start-ups is not always shared in many rural areas of the state where the number of start-ups has declined by 50 percent since 1978, according to the Rural Innovation Report.

The report also found Wisconsin has an average level of business closings and a below average level of new businesses being created when compared to other states.”

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